Simulation Methodology in Macroeconomics: An Innovation Technique
Άρθρο του F.S. Mishkin στο περιοδικό Journal of Political Economy.
Περίληψη:
This paper discussesa simulationprocedure where innovations from time-series processes are used in conductingsimulationexperiments with macroeconometricmodels. A particular theoretical example using the term structure interestrates is studied here, along with of actual simulation experiments using a large macroeconometric model. This analysis illustratesthe advantages of simulatingwith innovationsand the extentto which more standard simulationprocedures lead to misleading results. The innovation-simulation technique can be used to provide information the response of the on economy to shocks,even when the macroeconometricmodel is not invariantto policychanges. Policymakersmightfind such information to be quite valuable.
Βιβλιογραφική αναφορά:
Title: Simulation Methodology in Macroeconomics: An Innovation Technique
Author(s): Frederic S. Mishkin
Source: Journal of Political Economy, Vol. 87, No. 4 (Aug., 1979), pp. 816-836
Stable URL: http://www.jstor.org/stable/1831009
bibtex:
@article {Mishkin1979,
title = {Simulation Methodology in Macroeconomics: An Innovation Technique},
author = {Mishkin, Frederic S.},
journal = {Journal of Political Economy},
volume = {87},
number = {4},
pages = {816--836},
url = {http://www.jstor.org/stable/1831009},
language = {English},
year = {1979}
}
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